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By Helena Smolak
Hypoport lowered its full-year guidance despite reporting a narrowed net loss in the third quarter, citing a lagging mortgage-finance industry.
The German financial-service company said Monday that it now expects a 25% year-on-year decrease in full-year revenue, widened from the prior target of a 15% decrease. Pretax earnings for the year are now forecast between 10 million and 15 million euros ($10.7 million-$16 million) compared with previous expectations of at least EUR10 million.
The company posted a EUR1 million net loss in the third quarter, compared with a loss of EUR2.5 million the prior quarter, on revenue that grew 3% to EUR88.1 million. The company attributed the slight increase in revenue to a stricter cost discipline and an increase in profitability in its insurance business.
The company’s earnings before interest, taxes, depreciation and amortization rose 24% to EUR7.6 million, it said.
Write to Helena Smolak at [email protected]
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